Airtel Africa has announced that the Central Bank of Nigeria (CBN) has confirmed that its subsidiary, SMARTCASH Payment Service Bank limited, has now received final approval for a full Payment Service Bank (‘PSB’) licence.
This affords the Group the opportunity to deliver a full suite of mobile money services into Nigeria.
More details regarding the commencement of operations will be presented with full year results announcement in May 202, according to Airtel.
Segun Ogunsanya, CEO, Airtel Africa, said: “I am very pleased that Smartcash has been granted approval for a full PSB licence to operate a service bank business in Nigeria and we are now working towards commencement of business. This licence enables us to expand our digital financial products and reach the millions of Nigerians that do not currently have access to traditional financial services. We are delighted to be able to pursue our shared agenda with the Nigerian Government, the CBN and traditional financial institutions to further deepen financial inclusion in the country for the benefit of all citizens and the Nigerian economy.”
Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.
Airtel Africa offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services, both nationally and internationally.